Stories that begin with the rise and fall of prominent individuals are not the most inspiring, but they offer insight into lessons learned and perspectives shifted. Through narratives by people across industries, those who “fall from grace” are often judged in the court of public opinion by how society accepts what they did and how they respond. Most recently, the world has sat and watched this phenomenon play out with Bad Boy Records and Revolt TV founder Sean “Diddy” Combs.
The Combs saga has no particular ending for the foreseeable future. At the same time, much of his fate will be decided by the legal powers. However, one decision that has been made concerns his previous ownership stake in Revolt.
As previously reported by AFROTECH™, the buyer of the Hip-Hop mogul’s shares was shrouded in mystery. The new owner’s identity was a closely guarded secret, with speculation running rife. It has now been revealed that the owner isn’t a single person. In a surprising twist, the media brand’s ownership is now in the hands of those closest to the brand — Revolt employees.
According to the Revolt website, the Black-owned media company is dividing most of its ownership stake among its current employees. This surprise move is not just a change in ownership. The company sees it as a statement of empowerment for the creators and workers within the organization, equipping them with the tools and power to drive the company forward.
“The allocation of equity participation will be rolled out over the next few months. We’re working diligently to ensure a smooth and fair distribution process,” the announcement stated.
How Revolt Plans To Roll Out The New Structure
As the process is officially underway, Revolt will ensure employees are given details about their stake in the company. This decision follows speculation that other companies and big-name investors were looking to gain ownership of the media group. One of the circulating names included Essence Ventures CEO Richelieu Dennis, Variety reported.
While the news of this new ownership model surprised the public, Revolt CEO Detavio Samuels has ideated a co-creation model since 2020.
“We are stepping into the most revolutionary chapter yet for REVOLT. When I joined in 2020, I quickly realized two things: Our mission is bigger than any individual, and we are the largest engine for transformative change that happens to be a media company,” Samuels said in the company announcement.
He continued: “…Today, we are most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build.”
Revolt Will Remain Black-Owned
Variety states that 80% of the company’s employee base is Black. Therefore, the new structure will not impact the company’s recognition as a Black-owned media company.
“There’s no structure that we would have accepted that was not Black-owned,” Samuels told the outlet. He added that the company plans to keep “dreaming bigger and Blacker.”
Focused On Moving Forward
Combs founded Revolt in 2013, but he exited the company a decade later in November 2023. The move followed allegations of rape and abuse concerning former girlfriend Casandra “Cassie” Ventura. At the time of his departure, Revolt acknowledged Combs’ contribution. Conversely, it noted his exit as an opportunity to grow beyond the damaging allegations associated with its founder.
“While Mr. Combs has previously had no operational or day-to-day role in the business, this decision helps to ensure that Revolt remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora,” Revolt noted in the statement at the time of Combs’ departure, per Variety.
Shares previously owned by the mogul have been fully redeemed and retired, Samuels stated. However, Revolt didn’t reveal how much Combs received for his shares in the organization. It is also unclear what this new structure will mean for incoming employees.
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